Research Australia, the national peak body for health and medical research and innovation is calling on the Federal Government to formally recognise health and medical research, development and innovation as a cornerstone of Australia’s productivity and economic growth strategy. In its submission to the Treasury’s Economic Reform Roundtable, Research Australia has highlighted the sector as a nationally significant driver of productivity, economic diversification and resilience.
It is well established, every dollar invested in Australian health and medical research yields close to $4 to the Australian economy, however, it is likely to be much more. Beyond immediate health benefits, the sector drives job creation, supports high-value industries, and improves workforce participation by reducing the burden of disease. National prioritisation of health and medical research, development and innovation will position Australia as a leader in global innovation, enhance economic diversification, and respond to demographic and healthcare system pressures with evidence-driven solutions.
Australia’s health and medical research, development and innovation sector is a nationally significant driver of productivity, economic diversification and resilience, growth and budget sustainability. Australia’s health, medical research, development and innovation sector can fulfil its potential as a cornerstone of a more productive, diverse and prosperous Australian economy, but we must have the vision, system-wide policies and enablers, smarter investment, industrial capacity, the manufacturing sector, and the workforce skills to make this happen.
Read our full submission here.